Symbol Mining

Primary ticker: ASX:SLI
Stage of development: Exploration
Primary minerals: Zinc

Live financials

Symbol Mining (Symbol, ASX:SL1) holds a 60% interest in two high grade zinc-lead projects in Nigeria. The Macy project is an Indicated & Inferred JORC resource of 132,700t @ 18.3% Zn & 2.1% Pb. It is anticipated the Macy deposit will be in production by 3Q 2018 delivering a 50% zinc concentrate to market. Noble Group is a cornerstone investor holding 18.8% of the company, they will be the initial mineral marketing partner. Symbol has a large tenement holding over 500km2; the most prospective regions will be aggressively explored over the next few months. Symbol’s strategy is exploration funded by production, therefore benefiting from production revenue to fund exploration upside.

Management Profile

Andrew Simpson – Chairman

Extensive executive and commodity marketing experience. Current chairman of ASX-listed Swick Mining & NED of Vital Metals and previous Chairman of ASX-listed Territory Resources.
Barry Bolitho (Director) – Current Chairman of ASX-listed Echo Resources & TSX-listed Meridian Mining. Extensive executive, operational, mining & exploration experience in the resource industry. Previously Chairman of ASX-listed Jabiru Metals & NED ASX & TSX-listed Andean Resources.

What is your rationale for attending 121 Mining Investment?

Symbol Mining is looking to introduce the opportunity to UK capital markets in consideration of a UK listing at a time in the future. The company continues to seek on market support and given an expansive exploration program will also look to raise capital as the project develops.
New developments for the market will include continued exploration results and the commencement of mining over the coming quarters.

What recent news would you like to highlight to investors attending?

Continued high grade exploration results from Macy prospects and greenfields targets
Completion of Scoping Study on Macy deposit
Commencement of mining at Macy and initial revenue generation
Further resource delineation at Aisha and other prospects
Expanded mining program
Expected project acquisitions taking advantage of first mover advantage in Nigeria

What are your key goals for the next 3, 6 and 12 months?

3 Months:

Continued high grade exploration results Aisha prospect Resource drillout Additional exploration across 500km2 of tenements

6 Months:

Commencement of Mining First sales and concentrate shipment First revenues

12 Months:

Establish Resources over 1mt Acquisition of other Nigerian projects Expansion of revenue generation

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Key Risks
Nigeria – strong joint venture partners. Continue community and Ministerial engagement programs. Be a good corporate citizen in country.
Commodity Prices – diversify metals exposure through acquisition

In a sentence, what do you think makes your company such a compelling investment?

Symbol Mining is unique given ultra high grades at shallow depths, where the mineralised ore is non-disseminated; therefore a high grade concentrate can be delivered at low cost with limited processing. Symbol provides an exposure to base metal production along with exploration upside over a large tenement package in a frontier mining jurisdiction.